Liability.

In personal finance, liabilities are the amounts you owe to creditors, or the people and organizations that lend you money. Typical liabilities include your mortgage, car and educational loans, and credit card debt.

When you figure your net worth, you subtract your liabilities, or what you owe, from your assets. The result is your net worth, or the cash value of what you own.

In business, liabilities refer to money a company owes its creditors and any claims against its assets.

liability

a claim on the resources of an individual or business in respect of monies borrowed. A liability is thus a form of DEBT, for example a bank overdraft or LOAN, a building society MORTGAGE. See ASSET, BALANCE SHEET.

liability

a claim on the resources of an individual or business in respect of monies borrowed. A liability is thus a form of DEBT, for example, a bank overdraft or LOAN, a building society MORTGAGE. See ASSET, BALANCE SHEET.

liability

(1) A debt or obligation. (2) A potential loss,such as a poorly trained,poorly supervised real estate agent who may be a liability.

International Product Liability Law - This volume offers succinct summaries of the product liability laws, modern statutes and traditional theories of recovery, insight into the legal and litigation systems within which these laws operate, and a risk analysis of product liability lawsuits by the most respected and experienced product liability lawyers living and working in each of these countries.

More than 16 million civil suits were filed in 1986, according to the Product Liability Coordinating Committee (PLCC), an umbrella group of several business associations pushing for passage of Senate bill 1400, the Product Liability Reform Act.

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